Barney Frank's Fed Packing Plan

A proposal to punish the hard-money regional bank presidents.

September 21, 2011

Among Washington's modern ironies is that liberals think a Federal Reserve that is increasingly a creature of the White House and Congress has too much independence. So along comes Barney Frank with a plan to make the central bank even more political than it already is, in particular by cutting out its regional presidents and replacing their votes with political appointees.

In a remarkable white paper released last week, the former Chairman and now ranking member of the House Financial Services Committee targets the role...